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Alabbar-led group to buy $1.7b majority stake in Kuwait's Americana

Dubai - Americana, as the company is known and which owns the Middle East franchises for popular fast food chains KFC and Pizza Hut as well as producing a range of branded consumer foods for markets throughout the region, has a total market value of around $2.52 billion, according to Thomson Reuters data.

An investment firm led by one of Dubai's top businessmen, Emaar Properties chairman Mohamed Alabbar, has agreed to buy a controlling stake worth $1.7 billion in Kuwait Food, from Kuwait's Al Kharafi family.
Americana, as the company is known and which owns the Middle East franchises for popular fast food chains KFC and Pizza Hut as well as producing a range of branded consumer foods for markets throughout the region, has a total market value of around $2.52 billion, according to Thomson Reuters data.
The investment firm, Adeptio, has signed an initial agreement with the Al Khair holding company, which is owned by the Al Kharafis, to buy its 69 per cent stake in Americana, the companies said in statements on Thursday.
Adeptio also represents other financial investors from Gulf Arab states, its statement said without naming them.
"We see a bright future for Americana and look forward to working with management to realise the significant growth potential in the business going forward," Alabbar said in the statement.
The deal is conditional on due diligence; Kuwaiti state news agency Kuna said it would also need the approval of Kuwait's capital market regulator.